Wells Fargo Announces Plan to Lend $100 billion to Small Businesses

Following the 2008 financial crisis, many financial institutions were conservative when it came to extending loans to budding new businesses. In recent years, the provision of small business loans and other financial assistance to emerging entrepreneurs has become a key goal for both private and public institutions throughout the country.

Nowadays the prevalent view is that small business growth will be the key driver in getting the U.S. economy back on track. In fact, Wells Fargo made an announcement last weekend that signaled the financial institution’s dedication to facilitating the growth and expansion of small businesses throughout the U.S.

The small business law attorneys here at the Gierach Law Firm believe that Wells Fargo’s announcement that they have created a new small business initiative in order to dispense $100 billion in loan funds to support small businesses is an amazing and positive development for entrepreneurs throughout the country.

The South Asian Young Women Entrepreneurs Conference

On May 17th, 2014 the first ever South Asian Young Women Entrepreneurs (SAYWE) Conference was held at Times Square in New York City. The goal of this event was to celebrate and foster the entrepreneurial spirit of the U.S.’s South Asian community, while also helping South Asian women gain access to tools and resources that can help their businesses and entrepreneurial endeavors flourish.

At this event, Wells Fargo announced that they were launching the Wells Fargo Works For Small Business Initiative. Wells Fargo made this announcement at the SAYWE conference because this financial institution has taken a special interest in the South Asian entrepreneurial community and has often been a source of resources and guidance. In fact, a variety of Wells Fargo organizations have shown support by partnering with a wide assortment of Asian trade and chamber associations.

Wells Fargo Works For Small Business Initiative

The Wells Fargo Works For Small Business Initiative is essentially a commitment by Wells Fargo to provide $100 billion in loans to small businesses and entrepreneurs by 2018. The generosity of this initiative should come as no surprise. For the last 11 years, Wells Fargo has been the nation’s leader in small business lending. In fact, in 2013 Wells Fargo granted 36 Small Business Association (SBA) loans to the tune of $17 million in one state alone. The fact that Wells Fargo has made a public declaration and has created a specific initiative devoted to small business lending indicates that entrepreneurs and small business owners are now considered viable and beneficial investments worth supporting.

The specifics surrounding this small business lending initiative have not been released; however, a representative for Wells Fargo stated that lending would not be based on state-based quota requirements. Instead, the decision to extend loans under the initiative would be based on a person’s attractiveness as a lendable customer.

Interested in learning about the legal ramifications of taking on a small business loan for your business? Contact the small business attorneys at the Gierach Law Firm in Naperville, Illinois, for legal advice and answers to any legal questions that you may have.